According to the sources, senior officials of the NBCC and Suraksha Realty made their presentations before the CoC and highlighted main features of their resolution plans to revive Jaypee Infratech.
Lenders may seek certain clarifications from the two contenders, they said, adding that a next meeting of the CoC is likely to be convened in the last week of November, possibly on November 28th.
After further clarifications and negotiations, NBCC and Suraksha might be asked to submit final plans, sources said, adding that voting process could be conducted before December 10.
Some of the buyers present at the meeting venue demanded forensic audit of Jaypee Infratech to ascertain diversion of funds.
As many as 13 banks and over 23,000 home buyers have voting rights in the CoC. Buyers have nearly 60 per cent votes. For the bid to be approved, 66 per cent votes are required.
To settle an outstanding claim of nearly Rs 9,800 crore to bankers, NBCC has offered 1,426 acre land worth Rs 5,000 crore, 75 per cent of the 858 acre land likely to be transferred to Jaypee Infratech and 50 per cent of the sale proceeds of about 3,000 benami or unclaimed flats.
The public sector has proposed to transfer the Yamuna Expressway, which connects Noida and Agra, to the lenders, but before that it plans to take Rs 2,500 crore debt against the expressway for completion and delivery of over 20,000 flats to customers in next four years.
NBCC estimates the value of 640 acre land (75 per cent of 858 acre) at around Rs 2,500 crore, while the Yamuna Express Way has been valued at Rs 2,000 crore after deducting the debt. The 50 per cent sales proceeds of unclaimed flats would be worth about Rs 1,200 crore.
Meanwhile, Suraksha Realty has offered 1,934 acres worth Rs 7,857 crore to lenders. It proposed to bring in Rs 2,000 crore as working capital to complete construction in the next three years and will retain the Yamuna Expressway with itself. The Mumbai-based developer has proposed to complete flats in the next three years. After a certain grace period, it will pay delay charges to customers.
That apart, Suraksha Realty has proposed to set aside Rs 100 crore worth land for the welfare of the home buyers.
Jaypee Infratech, which is a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
In the first round of insolvency proceedings conducted last year, Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then to the apex court.
On November 6, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty.